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, its elevation in the andes gives it a mild climate. and you have aibrantery and somtourist economy.ings on the surrounding hillsides, adequate rainfall and fertile volcanic soils sustain agriculture. but the same natural forces that sustain the economy are also a source of danger. hoping to avoid a tragedy, geographer patty mothes maps and monitors several volcanoes for ecuador's geophysical institute, inclu tungurahua. she is looking for any changes that might signal an eruption. moes and one of these ways thate dohat is to put a prism that's highly reflective, or a number of prisms up on the flanks of the volcano, and then, shooting with this very high-powered laser beam... narrator: the beams reflect off the prisms and back to patty's measuring device. it can detsubthangesin t shap, changes that may forecast an eruption and save lives. their concern is based on history. inside a church, a mural recalls a deadly eruption in 1773. it happened again in 1886 and 1918. so why do people live in such a dangerous place? some people simply cannot afford to move, due to limited economic means.
. sort of now the traditional conservative argument is we must have low taxes or the economy won't flourish, but i guess in my mind i think of traditional economy being the post-new deal economy of relatively robust high tax rates on high earners and a social safety net that is part of the social compact. to me that's tradition. that's 80 years. >> that's american. and i've -- you know, i've been working at investments -- well, really i bought my first stock when i was 11 but i started selling stocks when i was 20 and i sold stocks when personal income tax rates got as high as 91%. i've sold them when capital gains rate got as high as 39.6% and we had some wonderful periods of growth and g.d.p. and the middle-class as well as the rich prospered when tax rates were much higher than they are now. >> jon: well, we'll take a commercial and come back and talk about an op-ed that you wrote which laid out some of the math of this and some other financial going on in the world. we'll be right back. more from warren buffett and carol loomis right after this. (cheers and applause). >> jon:
. >> by growing the economy. just a couple numbers. already in this meager economic recovery, we've increased revenue to the federal government by $344 billion. if we just return to a normal economy, like we had in 2007, under president bush, where proven was 18.5% of our economy, that would raise another $400 billion per year. the president's proposal right now, the highest estimated is $75 billion, a tenth of that. economic growth is 10 finals more effective at raising revenue. the problem with punishing success, the problem with the president's proposal, it will put that economic growth at risk. you know, i think the best question really is, what is the president's plan? show us your plan. this is about returning confidence to the economy. >> greta: a plan to rev up the economy or a plan for spending cuts? >> a plan for reducing the deficit which actually would return certainty to the economy, restore confidence, which would help economic growth. punishing success will not do that. temporary tax increases don't do that as well. >> greta: it's interesting, almost seems like a game of chicke
before the end of the year. dave: think of the billions of dollars that will be in the economy just when people will be buying those blue boxes. this could be a nice stimulus for the economy. john boehner saying he has seen no substantive progress on the fiscal cliff talks in the last couple weeks. what compromises need to be made? sheila bair, being a former fdic chair, telling us 4 ways wall street can help out and it is not all good news for investors. liz: did you see the cover of the wall street journal? fed stimulus like gillian 2013. we talked about this the second broke yesterday halfway through the 3:00 p.m. show. the man who wrote the article, wall street journal's chief economic correspondent and chief head head to lend us live. dave: before that is of we will tell you what drove the market with the data download. stocks extending yesterday's gains finishing a volatile session higher with the dow, s&p and nasdaq trading above the 200 day moving average for the first time in three weeks. telecom and health care were the top performing sectors. fewer americans filing first-time
economy and will her job creation in our country. republicans are committed to continuing to work with the president to come to an agreement to avert the so-called fiscal clef. one reason why we believe that we put revenue on the table as long as it is accompanied by serious spending cuts to avert a crisis. we believe this is the president's request for a balanced approach to this issue, and we are going to continue to work with the president to try to resolve this in a way that is fair for the american people. we all now that we have had the spending crisis coming at us like a freight train. it has to be dealt with. in order to try to come to an agreement, republicans are willing to put revenue on the table. it is time for the president and democrats to get serious about the spending problem our country has. i am optimistic. we can continue to work together to avert this crisis, sooner rather than later. >> good morning. last week, the president's chief political adviser indicated that medicare and medicaid are the main drivers of our deficit. i know we have seen this morning als
the economy back where it should be. it's hard to watch the slow motion grind not discussing the issues. what about the discussion of the cap that has been etched into stone, and i'm not sure why. >> i think because there has been so much of a focus on letting the bush tax cuts expire for the top two percent and the discussions got narrowed to that. it has left us in the trillion dollar area as opposed to looking at real corporate tax reform and other ways that revenue can be generated. it looked like congressman defazio was paining a picture of how we can confront that early next year. >> eliot: he's one of our favorites. i don't think he speaks yet unfortunately for the mainstream, i wish he did. >> right. >> eliot: i don't think he does, but i think it's interesting when you hear what eric cantor says and even john boehner. they still will not discuss raising rates. they're willing to go there the charade of loophole closing and this and that, but none of which gets us where we need to be. >> right. it is amazeing to watch how they are unwilling to listen to what voters said on november 6t
revive the american economy if people are expected to take, they've already had 25% pay cut in six years. that's not the american dream and that's not the way you make an economy work. they're way and you have whack. >> you raised the issue of germany. many point to it's robust economy and manufacturing sector who would resist here worker representationen oh the board of directors. how has the actual representation impacted labor strife over in europe, for example? >> you know, there is some strife, but i think there is also more of a sense that we're all in this together. as you point out i mentioned germany, but it's, you know, france all the way through the nordic countries. the other thing that's key is in a newly emerging democracy like brazil the workers through collective bargaining is four to five times the level of the united states. you have rising wages millions of brazilian workers coming into middle income status, able to buy the things they produce and a growing economy in brazil. here, the micro system of each employer trying to maximize profits at the expense of employees
to work on what we all agree to, which is let's keep middle-class taxes low. that's what our economy needs. that's what the american people deserve. >> white house also turning to social media has a twitter hash tag to spread its message. >> today i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress. write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag #my2k. not y2k, my2k. >> i think that's going to push us into the promised land. >> i was incredibly encouraged. i had been depressed and then i said this could actually get done with a hash tag. >> you're very pessimistic. we heard erskine bowles saying yesterday, he thinks it's less than a one in three chance, of course, co-author of the simpson-bowles plan. >> i was in washington earlier this week and met with a lot of these characters. the bottom line is there have been a lot of meetings, most of them between people w
. and furthermore, his tax proposal will kill about 700,000 jobs and do harm to the economy, again the wrong direction. host: and that was the new g.o.p. conference secretary voicing her thoughts on the fiscal cliff negotiations yesterday. and we want you to address the issue of what the g.o.p. is raising, which is address the spending problem. 202 is the area code for our numbers. that's our question this morning in this first segment of the "washington journal." you can also contact us via social media and email. you can make a comment on our facebook page, and finally send us a tweet. here is the hill newspaper from this morning. g.o.p. forget tax rates in talks on the deficit, let's look at the spending. the speaker's swift rejection of an idea floated by representative tom cole of oklahoma, a respected party strategist and former chair of the house g.o.p. campaign committee came as the republicans voiced increasing concerns over the debate of the so-called fiscal cliff. boehner said it's time for them to get serious about the spending problem that our country has. republicans complain t
there will also be a drag on the american economy if our budget deficit widens out forever, if we're irresponsible and governor doesn't work. left with those four choices, think think -- on the flip side, did republicans ask you to spend any nuts -- i think at this point both sides have acknowledged that there's going to be revenue concessions and entertainment concessions. in fact, if you listen to, it again, i'm not a master of the political art here, i'm in washington but i would say if you had these points of views in a business context, as close as they are, i would say a deal would be in reach. >> you see some fundamental level of optimism from lloyd blankfine but a long way to go with the combination of prief pressure and public pressure, like the president is going to exert before we actually go to the flight of fired. i asked the treasury secretary should the president return to wall street. he it must be someone who understands markets, marry. >> me have 33 days to -- head of all pi he told john harwood. marge i will hates have to go up somewhat. he said that's going to put a drag on the
strategy? what do you want to do with your money in the economy does go off the fiscal cliff? >> yeah, we were worried about that back in september, october. so even though we like the equity markets going into 2013, we wanted to hedge ourselves a little bit, so we took money out of equities. didn't just put it into cash. we put it into three areas we think are still good long term. one is we talk about emerging market equities, but i like emerging market debt. these monetary authorities are done tightening. they fought the inflationary problem that they had successfully. they're in hoed. yield curves could shift down. we stress doing it in local currency. the other areas are u.s. high yield, which i still think is valuable. we do think spreads will contract and emerging market equities as well. >> jordan, what about you? how are you preparing for what could be an eventuality where we go over the cliff and we've got to deal with higher taxes and a slower economy? a lot of people expecting recession in 2013, if, in fact, this occurs. >> think about what works well in a slow-growth economy.
the economic brake and let this economy continue to build. it seems a little disorienting and ale disconcerting to hear that there may be some people in this congress who put their pledge to a special interest ahead of their pledge of allegiance to this country. and while we are beginning to see some cracks in that cement block that is the special interest group that has gotten these republican members to sign these no-tax pledges, there are not that many. you hear a high ranking republican in the house talking about telling his colleagues to join with president obama to move forward in preserving the tax rates for the middle-class. as the chairman just said, for everyone, including warren buffett, ross perot -- they would get tax relief for the first $250,000 of their income as well. you hear some republicans calling this pledge handcuffs that keep them from moving forward. we would hope in the short periodically have before december 31, we would not let a pledge to a special interest supersede the pledge of allegiance to make to our country. finally, once again, the american people are way ah
this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on the republicans. >> today, i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag my 2 k, not y2 k. >> the president was laughing about you the strategy, seriously effective. the my2k was one of the top trends on twitter all day long. republicans aren't too happy. they are getting outflanked. >> if the president wants to reach an agreement, he needs to be talking with the members of his own party right here in washington trying to broker an agreement, not out there firing up crowds and giving speeches. >>
serious about restoring confidence in the short and long term so our economy can grow and create jobs. i think the president has always been for a balanced approach come as alan and i have. our message to the president and the congress from day one has been the same -- that is the problem is real, the solutions are painful, and there is not going to be an easy way out of it. the only way to solve it will be a balanced plan with cutting spending and one without the other will not work. where do i think we are? i am really worried. i believe the probability is we are going over the cliff. i think that would be horrible. it would be devastating to the economy. it particularly bothers me, given the fact i believe this is the magic moment -- if we are ever going to get a deal done, now is the time to do it -- we have got a republican speaker who has been willing to put revenues on the table. we have republicans and democrats who have said we ought to have a balanced plan. most importantly, to get something done here in town, you have got to have a crisis. we have got one. we have got a real c
for the american economy and says all the wrong signals to us signals to the market and international investors. also the demonstration of the sheer breathtaking arrogance of the obama presidency. this is a set of demands from an imperial white house. that simply is not open to any form of discussion at all according to these latest developments. this is a deeply worrying. the united states is on the edge of the economic abyss. the $16 trillion debt. so far there are no serious proposals whatsoever coming from the obama administration with regard to cutting this level of debt that the united states knows. america is heading for an economic catastrophe. it is a slow-moving sort of trained crash. gerri: i think that train is being of every single day. to you. imperial presidency. not only imperial. it's on hiatus. the talks have been outsourced. the very man who negotiated the biggest bailout of banks in u.s. history. i think his choice of a negotiator is even problematic at this point. >> i completely agree. if you think back to the start of the first administration, he had his problems getting
in the economy that would indicate that the job market is strong enough to actually bring down that overall unemployment rate. earlier this fall weekly jobless claims had dipped below that line, right before the election, and now they seem to be creeping above it, 393,000 is the number that we're hat today. it's interesting to note that we're going to get an overall unemployment number coming out. some people think based on this number that that could go back above 8% as well. bill: we were so keane on these numbers and waiting for them to tell us what they would tell us about the economy, and how voters were thinking and feeling and how it would play out in the election. a lot of people are now saying hey man, wrist the attention on the numbers. job number one is how to maybe the economy stronger. guess who is coming to the white house for lunch? >> mr. president you're entitled as a president to your own aeu own airplane and own house but not to your own facts. bill: those are topics that will likely not come up today. martha: peanut butter and honey is mitt romney's sandwich. we'll see i
obama during his victory speech said he wanted to hit down, talk to romney about the economy, his views on the economy specifically right how giving the looming fiscal cliff. so i suggest -- or i imagine they will discuss that, as well. but do we expect anything larger to come out of this? the white house is managing expectations saying there is really no agenda for this luncheon. it's really to bury the hatchet and to allow the country to move on, as well. >> right now, though, we do know treasury secretary tim geithner as we were telling everyone was on the hill, these marathon meetings with congressional leaders. what more do we know about those meetings? obviously starting off with some of the harder ones at first bhak through nancy pelosi as his last. >> we know the treasury secretary will be heading to the hill with rob nabors. he will be meeting with all of these congressional leaders separately. starting off -- or including house speaker john boehner. of course boehner will be key to moving the needle on these fiscal cliff negotiations. this comes on the heels of a phone call be
on the very, very decent and accelerating fundamentals of the u.s. economy. >> maybe, and that's just today, right, ron? >> been since last week. >> we were talking about the market really being so sensitive to any rhetoric out of washington. >> i'm not saying it's not hostage to headlines. we'll get intraday volatility. from the monday before thank giving until now, we have effectively wiped out the losses we saw post-election. >> rick, how do you see it? market complacency, too much angst, are we overthinking this? how do you read the market right now? >> i think that the low volume movements of the equity markets aren't really telling you any information. there's no way even in aggregate a market could decide what's going on in harry reid or john boehner's brain in anything is going on in begin with. if you look at treasuries overlaid on top of equities, until mr. boehner's comments, the treasuries have taken the big picture on all of this. they're not going anywhere fast. fiscal cliff is important, but there's a lot of issues for the next several years that are going to be important to
starting to hurt the economy, do you agree? >> you see that with the investment spending, and it can only get worse as we get closer to the end of the year as everybody holds their breath in the economy collectively, we have big problems. lori: one thing was the incredible amount of government spending especially on defense. one of the biggest issues is concerning. >> the issue really is what happened in the current quarter and going into the beginning of next year. other types of discretionary spending is as well. the total is $600 billion, the economy simply cannot withstand that sort of shock. we saw a week underlining detail report. know the economy will be soft in the current quarter due in part to hurricane sandy but also the slower trends in the various components. lori: 1.7 is the consensus estimate of expansion, what are you thinking? >> we're forecasting 1.3%. in the ballpark of 1.7 before hurricane made landfall. more of a ceiling than a floor at this point. lori: anything good to look forward to? >> things don't look all that bad next year. one of the key reasons when next you
was spent on other forms of products and services in our economy, the return, the economic growth from that would be immensely higher, they talk about not making the money from a small amount of players. the new york times, reports that 80% of lottery money comes from lottery players. it is a predatory business, and it is a deception. >> there is one exception i would take to that. here is the facts, is that lotteries in states began to do lotteries because people have a desire. we do $68 million in lottery business in fiscal year 2012, more than the movie and music industry combined. we have nearly 70% of people playing the lottery at some point in time. if we didn't have state lotteries, the integrity is above reproach, but if we didn't have it. people would find ways to gain, they would do it illegally. the mafia, that was the problem, people took over, as you look at the future and things going on with that. that is important, integrity, and oversight, to make sure you don't over-promote things. >> a fascinating debate, thank you for joining us. we'll have to take a break, and back
know because the economy its say this, when you lower tax rates, revenue goes up because people are going to spend more money. >>neil: we are beyond that debate because now, i think they will go up but the issue is, how much, and whether republicans will lead. when you heard talks that the president was open to raising the top rate but maybe not as much as clinton, rather than 39.6 percent, 37 percent or 38 percent, what did you make of that? >>guest: the president knows he is not if a position of strength and the front page of the "wall street journal" --. >>neil: why? >>guest: well, winning the election does not mean he has a mandate to do as he pleases. >>neil: could you make the case that the election certified his view that taxes on the rich should be raised? he ran on that. >>guest: republicans were voted back in the house of representatives. >>neil: but, he could argue i got elected --. >>guest: what we have seen, the president is showing flexibility. the front page of the "wall street journal" said president obama is showing flexibility on not following through with his
this economy moving. say what you will. california does seem to be showing the first seedlings of improvement. activity picking up here. home sales picking up here. retail sales picking up here. not dramatically. when a third of voters say things are getting better and they're more confident they will get better, well that might seem very anemic to you, it is double what it was a little more than a year ago. so progress in this western state where they seem to favor of late raising taxes more than they do cutting spending. just that spread to washington in era we're told with ongoing fiscal talks they might be weighed more towards tax hikes than spending cuts. we thought we would be fair and balanced about this with two california governors, a democrat and republican. you should recognize both. democrat gray davis and republican pete wilson. good to have you. >> thank you, neil. >> good to be with you, neil. neil: thank you, governor davis. since you're not with me, governor davis, in the studio here but governor wilson is i'm going to him first. the thing i will raise with you, governor wils
the company's economy. the damage from sandy was worse than first anticipated. there's 75,000 jobs lost in new jersey and new york. and the $1.4 billion economy is -- in the quarters ahead, in the fourth quart, he sees a quarter to a half point hit to national gdp directly related to the effects of sandy. talking about the national economy, the bright spots include housing and consumer spending, the negatives include business investment along with weak manufacturing. the congress and the administration must address the fiscal cliff. any plan to reduce the deficit should quote start small and then grow very substantially over time. so dudley basically agreeing with the take that sandy is a bigger event, and then you want to add on top of that dudley's concerns about the fiscal cliff coming our way. >> what does this mean for the retailers because right now we have the impact of sandy, because they're confined pretty much to november. we had this seasonally strong period for retail sales especially for the holiday season. but does that mean the kruk -- money is being spent instead on gypsum boar
businesses. >> going over the fiscal cliff will hurt our economy and hurt job creation in our country. this is not good for our country. it's as simple as that, and the president understands it. >> reporter: corporate leaders were also making the rounds. a group from the simpson/bowles backed organization "fix the debt" stopped in for talks on capitol hill. and later, c.e.o.s from yahoo, archers daniel midlands, caterpillar and other companies headed to the white house for a meeting with the president. >> i'd like to hear the president's views about where the country is headed and support him any way we can. >> reporter: treasury secretary timothy geithner will meet with congressional leaders tomorrow, so there is hope serious face- to-face negotiations will soon be under way. darren gersh, "n.b.r.," washington. >> susie: one of the c.e.o.s meeting with lawmakers today joins us. he is david cote, c.e.o. of honeywell. david, thank you so much for joining us. we really appreciate it. did you get the sense from house speaker boehner, he is ready to make a deal? >> i would say there is a
the investment into the economy. there is an argument that it didn't work under fdr. war world war ii bailed us out. rather than that. so, i'm a small business guy, i'm a simple guy. i don't have a lot of sophisticated looks on things. i know that i have 350 employees and if you raise a bunch of taxes on me, i don't have as much money to hire people with. some people act like i'm trying to get richer and not hire people like i'm a greedy jerk. it helps me to grow my business and help more people. to me, it seems like it constricts the economy to raise taxes. >> i want an honest answer here. have you bought a ticket? >> you know, i have never done that. i have done so many stupid things with money. but i've never done that one. >> well, you are missing out on a lot of fun. killjoy. >> it is good to talk to you. and you make a lot of sense. >> coming up. and the fiscal cliff again. turning into one of mit romney's top money men. sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better th
countries. i not agreebama and i on everything. these countries a share so many in common -- an economy and larger value system. we share security needs and we share security threats. when you have a relationship that close, it cannot help but be good. it has been good. i look for to four more years of working with president obama. >> you just returned from asia. you seem dead like them in a little jet lag. >> president obama is in asia. his first trip when he was elected was here in ottawa. his first trip for his reelection was asia. you both you asia as important both of you are committed to enhancing free trade. you are looking at 50 trade deals. i wanted to ask you -- when our organization was founded 25 years ago, we were founded to be a proponent of free trade. there are not enough voices on either side of the border that point out the benefits. that is why we started it. my observation is that canadians are more open to free trade than americans. their message is of protectionism. what are your observations? what do you attribute the difference to? >> in negotiations on trade agr
is to control the economy and control spending. you're not going to grow the economy if you raise tax rates on the top two rates. it will hurt small businesses. it will hurt our economy. why? this is not the right approach. >> reporter: boehner and president obama said they are optimistic that a deal can be reached by christmas. >>> turning overseas to egypt, where opponents of president mohamed morsi are calling for a second revolution. morsi is addressing his people today. a speech in which he's expected to discuss his move last week to seize near absolute power. thousands have been on the streets of cairo protesting that move since. morsi is showing no signs, though, of backing down. >>> and with the conflict in syria showing no signs of ending, the obama administration is reportedly considering deeper intervention there. this morning's "new york times" says no decisions have been made. but several options are being looked at, including providing arms to anti-government fighters. a decision on whether to deploy surface-to-air missiles in neighboring areas is likely next week. >>> and a m
's what our economy needs. that's what the american people deserve. >> the white house is also turning to social media in a new twitter hash tag to spread his message. >> today, i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean you to. call your members of congress. write them an e-mail, post it on their facebook walls. you can tweet it using th the #my2k. not y2k, #my2k. >> they showed support for cutting a deal with the president. yesterday the oklahoma republican repeated his belief that congress should start by locking in tax cuts for the middle class. >> in my view, we all agree that we're not going to raise taxes on people that make less than $250,000. we should just take them out of this discussion right now, continue to fight against any rate increases, continue to try to work honestly for a much bigger deal. >> if the president is willing to accept 80% of the bush tax cuts for 98% of the american people, i think that's a point we
is to grow the economy and cut spending. you won't grow the economy if you put tax rates on the top two rates. >> there was no serious discussion by the white house on entitlements on medicare and medicaid. this has to be a part of this agreement. >> reporter: the white house is going all out on this campaign tactical front, even deploying twitter, using the hash tag, to learn how they would save. >>> and chuck todd on the white house lawn, starting us off. a big aspect of this again is medicare, 50 million americans get their health insurance through medicare. that number is growing quickly as the baby boom number gets older. polls show americans don't want big change to it, but big change could come. nbc's tom costello has more on what it may look like. >> reporter: it is one of the most popular government programs, but medicare now accounts for more than 13% of federal spending, and expected to grow at what many analysts call an unsustainable rate. so among the many options congress could consider to cut costs, slowly raise the eligibility age, and it would affect mr. and mrs. green, who l
for both the present and the future, and as our economy continues to sign signs of improvement i'm not going to forget where the jobs go and for the people in terms of hope for the city and of course working with laborers, with our construction contractors, with the labor council. tim is here together as well and mike and working with everybody we have unprecedented announcement today and 100% locally financed project close to $500 million of private investment signifying that they wish to on their volition to be working with the city to hire 25% of their construction work force with san francisco residents. [applause] this is a wonderful, wonderful day. and that as part of that percent goal they are opening up themselves to working with us in an enforceable obligation on this label. rick is here representing for the golden state warriors and at the same time within this goal too we're going to accommodate returning veterans from our war and pllt to be part of this effort too -- [applause] >> yes. and for me it really means putting the word and the title warriors in the golde
pretty well here on the frankfurt floor because the unemployment rate showed that the german economy is still in very good shape. although economists are saying that the german economy also has a long way to go until it has bottomed out because the export business will be more difficult in the near future because of weak other economies, but consumption in germany is going up. >> let's get a closer look at those market numbers. germany's blue-chip dax was higher on the day by about 0.8%, closing at a nice, round number. the euro stoxx 50 also higher. the dow jones industrial average as high as well. the bureau is trading for $ 1.2973. >> a german bank is in trouble with the law. prosecutors raided 13 of the bank's locations, including its munich headquarters, in search of evidence of tax evasion. the bank is suspected of cheating the state out of 124 million euros. share transactions between 2006 and 2008 are the focus of the probe. the bank is not alone. investigators are currently looking into similar incidents of alleged tax evasion at other institutions. >> there's a lot of money
that they so desire. isn't the real danger, the impact it has on the economy, throws us back into a recession by taking this money out of the economy? >> everybody remembers very well the ugly process we went through in august of 2011 in raising the debt ceiling, and what happened immediately around the raising of that debt ceiling. we saw the stock markets crash. let me tell you if we go off this fiscal cliff -- and i put the blame squarely on the president. he's been awol on this issue for the last three years. now he's coming in and waving a flag, trying to take the glory, put the burden on republicans. republicans have been willing to negotiate. if he doesn't come forward and provide real leadership, we go off the cliff, the economic disaster that we're going to see is going to be squarely on the shoulders of this president. >> sean: i would like to adopt something like the mac penny plan. cut one penny out of every dollar washington spends, and we move to a balanced budget. with baseline budgeting, you have increases every year. can you ever get rid of baseline budgeting? >> if any corpo
disasters. that's precisely the time that the local economy and taxpayer are least able to pay the full cost of recovery. they need money, personnel and assistance, but that doesn't mean a permanent entitlement to risky behavior. the federal government should deal with what is truly catastrophic and with the humanitarian costs. families obviously should not be less destitute, hungry and homeless in the aftermath of natural disaster. there is, however, no reason that we encourage the repetition of these terrible events. in a time of fiscal stress and budgetary realignment, we should include government disaster spending, liability and development policy as we address the fiscal cliff. done right this will not only save money but countless lives as well. the speaker pro tempore: the chair recognizes the gentlewoman from new york, ms. hayworth, for five minutes. ms. hayworth: thank you, mr. speaker. mr. speaker, all work in congress during these final weeks of 2012 is focused on the fiscal cliff. we're worried and rightly so about what it means to our economy, to our future, to the daily lives r
just return to a normal economy like we had in 2007, those policies of george bush where we had 18.5% of our economy coming to the federal government as revenue, that would be another $419 billion. so combined, that would be $750 billion per year of additional revenue. now, president obama's proposal of punishing success, it's hard to say exactly what it will be, but somewhere around $75 billion. it's a tenth of what we get with economic growth. and the rob with punishing success, with increasing marginal tax rates or really increasing taxes, is you put at risk that growth that is ten times more effective. so again, i'm just looking at what works. and we need to calm the markets. i don't want to play brinksmanship. it's a unfortunate that the president really isn't negotiating in good faith. he's just moving the goal posts. >> although the lead story on the "wall street journal" is about how the president may be relaxing that position. he may not insist on returning to the pre-bush tax cut rates for those wealthiest 2% or whatever the situation is. that may not mean that he's not l
low. that's what our economy needs. that's what the american people deserve. >> bill: you'll see some photos of this event yesterday at the white house up on our web site at billpressshow.com. again, the president pointed out it's passed the senate. get it through the house. he's got his pen ready to go. >> obama: democrats in the house are ready to vote for that same bill today. if we can get a few house republicans to agree as well, i'll sign this bill as soon as congress sends it my way. i gotta repeat, i've got a pen. i'm ready to sign it. >> bill: he held up his pen. i've got a pen. he says a few house republicans that's right, you don't need that many but you need to bring it up for a vote. boehner won't do it. why won't boehner do it because boehner says that still says -- he's just dead ass wrong he still says that raising taxes on the wealthiest of americans on the 2% would cost -- would kill jobs and kill the economy and we know from the eight years under bill clinton proven just the opposite. in the
morning. good to be with you. i'm terrell brown. and a little more than a month the u.s. economy could experience a severe shock. that is if leaders in washington can't come up with a budget deal. scares of automatic spending cuts and tax increases could take effect january 1st. democrats moved by president obama and congressional republicans signaled they are willing to compromise on changing tax rates and spending reductions but the negotiations are moving very, very slowly. susan mcginnis is in washington with the latest. susan, good morning to you. >> reporter: good morning. the president is sending his top two negotiators to talk with lawmakers today about possible spending cuts. he's also getting ready to take his fiscal cliff message on the road. he'll try to convince the american people the best way to avoid the fiscal cliff is to extend the bush era tax cuts for the middle class. >> it's too important for washington to screw this up. >> reporter: president obama is putting pressure on congressional republicans and he's enlisting middle class americans in getting the gop to tak
keeping the economy growing - a lot of input being gathered on how to resolve the inevitable. president obama met with his cabinet wednesday for the first time since his re-election. but otherwise, his schedule has been filled with business leaders and resolving the fiscal crisis sooner rather than later. "families need confidence to go out and spend going into christmas." tuesday, leaders from small business gave their views. "i said the more people have money in their pocket, the more they'll spend and we'll do better." "i suggested raising the minimum wage, tying it to an inflation index, and national leadership in online retail taxes." and there's a concerted public effort: the white house website features an appeal to "speak out to keep taxes from going up on the middle class." "if congress does nothing, taxes up $2200." that $2200 morphed into a white house twitter campaign - #my2k - to encourage americans to weigh in on the debate. but ultimately, this still comes down to negotiations within, but mostly across, party lines. it's not clear how much twitter or input from small busi
's credibility, and it's important for america's economy and economic growth. that plan has to be balanced and that means significant revenues, and it has to go around. typically that means the wealthy and well off have to pay their fair share as well. again, these are not new issues. they are ones that were debated. they came up in every debate. even foreign policy debate. and so we think that the american people are on the side of the president and democrats. that is not to say -- [inaudible] we want to remind everyone that there's already been a trillion dollars, over a trillion dollars in spending cuts. and so that is a significant part of this debate, because it happened last year. but just because washington has a short memory doesn't mean we all should have one. and that there's already been sacrifice on behalf of through those discretionary cuts. we are particularly excited doing a lot of work on the fiscal cliff. we talked about medical savings through the programs, address rising national expenditure. will have more to say on taxes, but we are ecstatic to have senator durbin here
, not from the economy of how to make their rates of return or their normal profits, but their pension funds are also how are they going to do it with very safe pension funds that are returning 2% of funds. there's a lot of economic pressure on pension funds and trustees and corporations and government officials all over the country. it's our rate of return 7.6 right now realistic yes it is. it's going down and we will review it again and again and again. with that i'll stop. >> supervisor elsbernd: thank you. public comment now. each member of the public will have two minutes. thank you for your patience. >> it was not as bad as waiting for the muni bus. anyway, i have a statement here and the statements are always my organization. prop c was passed last year in the midst of the economic downturn. today there are signs of recovery with the j.p. morgan stating to maria -- thatr#Ãthere are green lights for all section of the economy, jeremy see gull of the wharton business school nile ferguson writing in the november 19 issue noted the u.s. growth in the next four years will be higher than a
? >> to be a generational buying opportunity. this is based on congressional ineptitude. the fact is the economy has a tail wind, the market is fundamentally attracted, the valuations are reasonable. you have earnings growth. if we can bridge the fiscal cliff and get a comprehensive tax reform and entitlement reform, you would see a market significantly higher. tracy: we have had some earnings that look positively dismal. it is a very big pricey discretionary product, but they miss earnings, that is a real fundamental, isn't it? speak we still have the s&p profit growth that is positive. you cannot continue to have double-digit earnings growth as he diyou did for 10 consecutive quarters. if we get through this cliff in the back half of 13, gdp growth rate accelerates as we anticipate and profit growth as well. tracy: if your liking big multinationals, you don't like europe yet you like the multinationals. help me wrap my mind around that. >> u.s. large caps are cheap, most of those in mall to nationals. but they don't deserve to be cheap. it is going to be a while before you get any sustained growth. you c
're out with a view on your next year that doesn't sound too rosy. you talk about the economy contracting half a percent. challenges in the core countries. so walk us through how important the german vote is tomorrow and whether greece gets its aid as to the more broad brooutlook. >> the outlook is not improving. it's deteriorating for the eurozone. economic fundamentals are getting worse particularly in the countries of germany and france. these are the countries we revise down the most. in the periphery, there are signs that the recession is stabilizing. we're below the consensus. typical view is that the economy will broadly stagnate next year, we think it will continue to shrink and the ecb will continue to cap interest rates and perhaps at shall point the bond buying program will be in spain. >> and so when we talk about the sequence of events that markets are looking for the next couple of months, the main one still seems to be when spain asks for aid. pushed into the first quarter of next year now in your view? >> i think there are two windows of opportunities really. the first one
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